Wednesday, October 19 2011 19:11
EBRD forecasts 4-5% GDP growth and 5% inflation in Armenia in 2011
ArmInfo. The European Bank for Reconstruction and Development forecasts 4-5% GDP growth and 5% inflation in Armenia in 2011, member of the EBRD Board of Directors Kurt Bayer said during a press-conference on Wednesday.
He said that Armenia's economy has survived the global crisis with its financial sector remaining stable, unlike the financial systems of other EBRD partner states.
Nevertheless, the Armenian authorities should diversify the economy and reduce corruption.
When asked by ArmInfo if the recent revision of the EBRD's outlook for economic growth in Russia in 2011-2012 may have an impact on Armenia, Bayer said that in order to avoid this Armenia should diversity its export. Since the country is isolated and has no direct access to the sea, it should also minimize its internal transportation costs and develop communications.
In Armenia's national budget 2011 GDP growth is 4.6%, inflation – 4% (+1.5%). In Q3 2011 the Central Bank of Armenia revised its economic growth outlook to 4.7-5.5%. According to the CB, there is over 74% probability that in 2011 inflation will be 3-5.5%.
In Sept 2011 inflation in Armenia was 0.8%, in Jan-Sept 2011 – 0.6%.
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